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Bill

HB 1184

TO AMEND THE FAIR MORTGAGE LENDING ACT; AND TO PROTECT A CONSUMER'S PRIVACY IN CERTAIN MORTGAGE APPLICATIONS.

2025 Regular Session Introduced by Ricky Hill and 1 co-sponsor

Arkansas establishes new consumer privacy protections in mortgage lending applications, requiring lenders to safeguard personal financial data during loan processing.

Notification that HB1184 is now Act 263
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WeVote Research Nonpartisan
Bill Summary · HB 1184

Legislative bill overview

HB 1184 amends Arkansas's Fair Mortgage Lending Act to add privacy protections for consumers during mortgage applications. The bill, now Act 263, establishes new requirements governing how lenders handle personal information collected during the mortgage lending process.

Why is this important

Mortgage applications require extensive personal financial data, making consumers vulnerable to privacy breaches and misuse. This legislation addresses gaps in how lenders protect sensitive information like Social Security numbers, bank account details, and credit histories during an inherently data-intensive transaction.

Potential points of contention

  • Compliance costs: Lenders may face expenses implementing new privacy protocols and security measures, potentially passed to consumers through higher fees
  • Definitional ambiguity: The bill's specific privacy requirements aren't detailed in this summary; vague standards could create enforcement challenges or competitive disadvantages for smaller lenders
  • Federal vs. state overlap: Federal agencies (CFPB, HUD) already regulate mortgage lending privacy; unclear whether this creates conflicting requirements or beneficial state-level protections

Compiled from official sources — confirm details with the bill’s official record.

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